NEW SHOREHAM – The former Old Island Pub property recently sold for $1.87 million, according to the executor’s deed, a public record of the sale.
The 85 Ocean Ave. property was the home of the Old Island Pub for six years until the business closed in March.
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“We locked the doors at the Old Island Pub today for the last time,” the business said in a March 19 post shared on its Facebook page. “We thank you all – our supportive community, kind friends, dear coworkers and friendly patrons, most who have become like family – for many years of loving support to our little family business.”
According to the executor’s deed, the pub was sold by Lewis Nathaniel Gaffett, as executor of a will.
The property was purchased by TMG Whitestone Realty LLC, a newly formed limited liability company based in East Greenwich, according to the deed. Whitestone Realty LLC is affiliated with Thomas J. Martucci, president of The Martucci Group, a full-service hospitality management company.
The Martucci Group operates several East Greenwich restaurants, including The Trap, Safehouse, Besos Tapas and Pasta Patch, as well as The Trap North in Smithfield.
The two-story, 3,000-square-foot building on Ocean Avenue was constructed in 2017 with a wood-shingle exterior and contains three bathrooms.
The commercial property was most recently valued by New Shoreham property assessors in 2022 as being worth $943,200, according to the town’s online property tax evaluation database. The 0.69 acres of land alone is worth $512,800.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on X @Marc_La_Rock.
